15-20% of the Global Fleet Running in the Red

The fall in the hash price driven by the correction of BTC and the difficulty of the recording network leaves a significant part of the miners in the red.

The current hash price environment is suppressing the profitability of Bitcoin miners. CoinShares estimates that 15-20% of the global mining fleet is operating at a loss at the current hash price of $28-30 per PH/day.

In Q4 2025, Bitcoin fell by about 31%, from an early October peak of about $126,000 to about $86,000 in late December, while the network’s hash rate remains close to record levels, making hash values ​​reach a half-decline.

Mine in Lost

According to CoinShares’ latest findings, miners using mid-generation hardware, including models below the S19 XP, face poor cash flow unless they have access to very cheap electricity, typically below $0.05/kWh. These conditions put about one-sixth to one-fifth of the world’s mining capacity under fragmentation, a clear sign of pressure on older and less efficient users.

The report found that the estimated cost of production for publicly listed miners reached $79,995 per Bitcoin in Q4 2025, due to higher electricity costs, increased depreciation from new AI and HPC infrastructure, and increasing network complexity. With hashish prices under pressure, the report points to three consecutive negative volatility corrections towards the end of 2025. This is a rare event that has not been seen since July 2022, and it shows a hold on miners.

Operators using legacy S19 series rigs have been hit hard, as winter energy costs and ERCOT grid shutdowns increase uneconomic drilling hours. CoinShares has indicated that the industry’s margin squeeze has forced some miners to diversify. A growing number are turning to AI and HPC workloads that promise higher and more stable returns compared to circular Bitcoin mining.

Despite the difficulties of the entire sector, CoinShares said that the hash rate of the network showed resilience. The global network’s hash rate peaked at about 1,160 EH/s in October 2025 before sinking about 10% in December and early 2026 due to erratic operations and regulatory inspections in Xinjiang, China.

Miners Reduce BTC Holdings

As of early March 2026, the network had stabilized at around 1,020 EH/s, indicating that strategic miners with access to low-cost power, government-backed operations, or next-generation ASICs continue to operate profitably even as mid-generation fleets struggle. The report goes on to explain that publicly listed miners have reduced their BTC holdings due to tighter restrictions, while Core Scientific, Bitdeer, and Riot have all withdrawn significant amounts from their holdings.

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Meanwhile, the recovery of hash values ​​is closely related to BTC price movements. At current rates of about $30/PH/day, only successful miners remain profitable, while old and inefficient fleets face losses. A stable BTC price above $70,000 could ease the pressure, while long-term weakness could cause more miner withdrawals.